Daily Close | Forex, Metals, Oil, Agriculture November 13, 2020



USDA said that net Upland Cotton weekly export sales were 236,800 bales this year and 14,800 bales next year. The USDA expects 5 billion bushels of corn to be used for ethanol production this year, with the next estimate out December 10th. In the overnight electronic session, the December corn is currently trading at 407 ½ which is ¾ of a cent lower. The trading range has been 409 to 403 ¾. Let’s hope the Export Sales data have $4 corn hold. Increased rains can hurt Cotton quality, but so far the quality appears to be good.
less General Comments: Cotton closed lower on follow through speculative selling.


Another data point which is pointing towards gains in the market going forward is the relationship between changes in the dollar index and the S&P 500. Historically speaking, dollar weakness of this magnitude is associated with gains seen in the SPY over the next year with an average movement of 12%. That leaves them lots of room to sell and hammer gold as the oversold US dollar mean reverts higher. For example, when we have seen the dollar fall by this amount, the S&P 500 has rallied in about 80% of all following 12-month periods.
At present, the dollar has fallen by 1.7% over the past year.


Sporting the highest average gold prices ever seen, last quarter promised to be a banner one for major gold miners. But even if the parallel gold and gold-stock corrections haven’t matured and climaxed yet, speculators and investors need to stay abreast on the major gold miners’ fundamentals. The underground portion of Blyvoor still contains resources of 26.5 million ounces of gold and there are another 1.34 million ounces of gold in surface tailings dams.
Gold stocks’ current correction has mirrored gold’s own, and this metal itself isn’t out of the correction woods yet. Gold stocks’ overwhelmingly-dominant primary driver is the fortunes of gold. An LSE-listed company Katoro Gold is planning to re-treat the tailings to extract some of the gold in them. Pebble has measured and indicated resources of 57 billion pounds of copper, 71 million ounces of gold, 3.4 billion pounds of molybdenum, and 345 million ounces of silver. Rebounding from governments’ COVID-19 lockdowns, the gold miners reported strong operating and financial results last quarter that fully justify more bull-market gains.
Production is the lifeblood of the gold-mining industry, and these major gold miners enjoyed solid output growth last quarter. The miners’ earnings that ultimately determine their stock prices really leverage gold’s price moves. For 18 quarters in a row now, I’ve painstakingly analyzed the major gold miners’ latest quarterly results right after they are reported.
This would make it the largest copper mine in the USA as well as one of the largest gold mines in the country. There were only a handful of stocks that enjoyed sufficient market-cap gains since Q3’19 to climb into the ranks of GDX’s top 25 gold miners. These elite gold miners’ symbols are listed, some of which are from their primary foreign stock exchanges. High gold prices and higher output fueled big revenues, earnings, operating-cash-flow, and treasury growth last quarter.
The major gold miners’ fundamentals are looking the best they’ve ever been! These are the world’s biggest and best gold miners, which command a dominant 85.6% of GDX’s total weighting.
That said, gold prices could stay afloat more broadly and look past short-term deflationary pressures with the prospect of a coronavirus vaccine on the horizon. He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market. GDX’s super-volatile price action this year reflects the wild ride gold stocks have had.


We also write daily and weekly reports, covering key variables in U.S. natural gas market (supply, demand, storage, prices and more). Note: Oil revenues were 2,302.14 million EOG Resources’ total revenues for the third quarter decreased to $2,246 million from $4,303 million the same quarter a year ago. This company helps oil and gas drillers figure out where to drill and is a play on the eventual recovery of exploration. First of all, thanks to great technological advances, oil producers are now able to extract more oil from a given number of wells.
Now consider the following as well, the current natural gas market is +1 Bcf/d in surplus on the back of the third warmest November since 2000. Along with substantial cost reductions and solid earnings results, we announced Dorado our new premium South Texas natural gas play. Drilling activity in the U.S. and overseas has greatly decreased this year due to the collapse in the demand for oil products, which has resulted from the coronavirus crisis.
It suffered from lower drilling for oil and gas in its major market, the USA. The company’s oil price (composite) realized this quarter was $40.15 a barrel, down 29.1% from a year ago and up 96.8% sequentially. The “cold season” is the time of high volatility in natural gas markets. EOG Resources’ oil production was weak during the third quarter but not as catastrophic as the preceding quarter. Fuel oil was down 28.2% and gas was down 18%. Nonetheless, the usually high percentage of oil produced helps to overcome the higher production cost.
EOG relies heavily on crude oil, which represents 52.7% of the total production. Natural gas is primarily a winter commodity. But typically, the low cost oil has already been produced before a secondary recovery project begins. The recent news about a potential vaccine ready gave only a temporary boost to the oil industry. The tight budgets of oil producers have undoubtedly taken their toll on the results of Nabors.
So, this joint venture with Denbury focuses on the secondary recovery of an older oil field. Note: EOG Resources received more for its oil and condensate versus peers of $2.38 per barrel in 3Q ’20.

United States

In the interview, he agreed with Trump’s campaign lawsuits, while saying that questionable actions by elections officials in several states could make the election illegitimate. “Trump has refused to concede the election race to Biden, despite media organizations, including NBC News, projecting the Democratic former vice president as the winner. Investment analyst working within one of the Big 4 Wall Street banks covering a wide range of stocks from consumer and retail to healthcare sectors.
Twitter labeled it as disputed.Cramer said the government statement indicated despite Trump’s claims about the election being compromised, “there is a security apparatus that has spoken up.
According to the report, the US presidential election outcome and resurgence of coronavirus concerns largely contributed to the deterioration in consumer sentiment. The US real estate sector faces political risks as a change in the political landscape can significantly change the tax picture and significantly affect the sector’s profitability. President-elect Joe Biden has pledged to get tough on big technology companies – and also roll back President Trump’s tax breaks.
Stocks from the Nasdaq 100 Index have performed well since 2009, with QQQ showing a 21.2% annualized return for the period 1/2/2009 to 10/30/2020. The underlying fund measures the real estate sector’s performance of the US equity market and may include large-, mid- or small-capitalization companies. Instead of worrying about presidential uncertainty, Cramer said Wall Street is able to focus on the U.S. coronavirus outbreak and corporate earnings.
less New COVID-19 cases continue surging in the US, with daily new infections rising to a record 150,530 yesterday. The combination of higher tariffs implemented by the Trump administration and the coronavirus pandemic has hurt the Canadian and Mexican economies significantly. As President Trump’s Press Secretary Kayleigh McEnany told reporters earlier today, the president still expects to serve a second term. Apart from the new products discussed above, the company announced a strategic partnership with Microsoft (NASDAQ:MSFT) which will make Datadog available directly from the Azure console.
The company also has partnerships with Google (GOOG) (NASDAQ:GOOGL) and Amazon (AMZN), which showcases the strength of the company’s product offering. In the Figure-1 below, the red graph depicts the performance of the Nasdaq 100 universe and the blue graph (partly hidden) the performance of QQQ; the plots are identical. NBC News called Biden the “apparent winner” in Georgia due to the ongoing recount, while calling Trump the winner in North Carolina.
Just as I criticized President Donald Trump for overstating his authority in the pandemic, I have questioned Biden’s claims that he could impose the national mask mandate. UPS has invested in two giant freezer farms in Kentucky and the Netherlands capable of storing nearly 30 million vaccines between the two of them. “Trump responded in a tweet Friday, with the tagline, Rigged Election!”


Secretary of State Mike Pompeo has once again sparked outrage among Beijing leaders by expressly referring to Taiwan as “not” part of China. says Ding Sheng, director of the Beijing-based Global Health Drug Discovery Institute, which has received funding from the Bill & Melinda Gates Foundation.